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(Photo by Gary Gershoff/WireImage)

Long known for pushing companies to take actions to increase or unlock value, Carl Icahn is delivering a bit more to his own shareholders.

Icahn Enterprises, the billionaire’s publicly-listed investment vehicle, will up its annual distribution to $4.00 per depositary unit, payable in cash or additional shares, from a prior payout of 40 cents in cash and $1.00 in additional shares.

In a press release announcing the move, Icahn touted the success of his investing philosophy. He notes that since the end of 1999, when Icahn Enterprises adopted an activist philosophy, investors have enjoyed an annualized return of 18% (cumulatively 817%), far better than the S&P 500 (+32%), Dow Jones industrial average (+66%) and Russell 2000 (+116%) over the same span.

The prime beneficiary of the move will be Icahn himself: he owns 93% of the company and intends to take his distribution in additional depositary units.

Monday’s announcement was just the latest development to put Icahn’s name in the spotlight this year. The activist – who invests for himself after returning all fee-paying capital in the spring of 2011 – made a sizable bet on Netflix late last year that has profited handsomely and is believed to have a long position in Herbalife.

The latter stake puts Icahn in direct conflict with Bill Ackman, the Pershing Square Capital founder who has a massive short position in the nutritional supplement marketer’s shares. The two, who have been at odds for years and legal adversaries, aired their grievances against each other on CNBC in January. (See “Insults Fly As Ackman And Icahn Take Beef To Live TV.”)

Shares in lightly-traded Icahn Enterprises, which is structured as a master limited partnership, were up 15.3% to $69.10 Monday on volume that was almost four times higher than usual.